ED Charges Reliance Power, 10 Others in Fake Bank Guarantee Fraud

ED Files Supplementary Complaint Against Reliance Power and 10 Others in Fake Bank Guarantee Case

New Delhi: The Directorate of Enforcement (ED) has filed a Supplementary Prosecution Complaint against Reliance Power Limited and 10 others for allegedly submitting fraudulent bank guarantees to secure bids in a large-scale Solar Energy Corporation of India (SECI) energy storage tender. The tender involved installing a 1,000 MW / 2,000 MWh standalone storage system under tariff-based competitive bidding.

According to officials, forged guarantees, spoofed emails, shell companies and fabricated documents were used in a coordinated attempt to deceive SECI and gain eligibility for the high-value contract.

ED Names 11 Accused Including Reliance Officials and Associated Firms

The complaint lists key individuals and entities, including Partha Sarathi Biswal, Biswal Tradelink Pvt. Ltd., Biothane Chemicals Pvt. Ltd., Amar Nath Dutta, Ravinder Pal Singh Chadha, Reliance NU BESS Ltd., Rosa Power Supply Company Ltd., Manoj Pongde, Reliance Power Ltd., CFO Ashok Kumar Pal, and Punit Narendra Garg.

The case stems from FIRs filed by Delhi Police’s EOW—one based on SECI’s complaint against Reliance NU BESS, and another filed by Reliance NU BESS alleging fraud by Biswal Tradelink and its managing director.

Fake Guarantees Used to Meet SECI Tender Requirements

Reliance Power, through its subsidiary, was required to submit a bank guarantee worth ₹68.2 crore. If issued by a foreign bank, it needed endorsement from an Indian branch or SBI.

Investigators found that the company engaged Biswal Tradelink, a shell entity, to produce fraudulent guarantees in the name of non-existent foreign branches of First Rand Bank (Manila) and ACE Investment Bank (Malaysia).
Fake endorsement letters and spoofed emails mirroring SBI’s domain were used to authenticate the fraudulent guarantees.

A deceptive domain—s-bi.co.in—was created to resemble SBI’s official domain and mislead SECI officials.

₹6.33 Crore Routed Through Bogus Work Orders

ED found that Reliance Power transferred ₹6.33 crore from Rosa Power Supply Company Ltd. to Biswal Tradelink under the pretext of transportation services.
Another ₹5.40 crore was paid as “consultancy fees” to justify the arrangement on paper.

The agency says fake invoices and work orders were jointly fabricated by Reliance officials and Biswal Tradelink to mask the fraudulent dealings.

Fraud Exposed; Desperate Attempts to Salvage Tender

When SECI detected discrepancies in the submitted guarantee, Reliance officials arranged a genuine one from IDBI Bank within a day, but SECI rejected it since it came after the deadline.

In a final attempt, the company allegedly sought to obtain new endorsements for the same fake guarantees through an SBI branch in Kolkata, using fabricated address documents and a dummy enlistment certificate.
When these efforts failed, a counter-complaint was filed against Biswal Tradelink to shift blame.

ED Alleges Clear Criminal Intent and Connivance

According to ED, senior Reliance Power officials were fully aware that the bank guarantees were fabricated. Multiple arrests—including that of CFO Ashok Kumar Pal—have been made in connection with the case.

The agency maintains that the fraudulent guarantees and forged documents were created deliberately to qualify for the SECI tender.

₹5.15 Crore Attached as Proceeds of Crime

Ahead of filing the supplementary complaint, ED attached assets worth ₹5.15 crore, which it identified as proceeds of the illegal transaction.
The accused face charges under PMLA and IPC sections related to forgery, cheating and conspiracy.

Case Raises Larger Questions About Corporate Compliance

Officials say the case exposes serious gaps in corporate due diligence and bank verification processes in India’s energy sector.
The incident also highlights vulnerabilities in public procurement systems and the rising need for forensic scrutiny in high-value bidding.

ED’s latest action signals a tightening stance on corporate fraud, with enforcement bodies increasingly focusing on accountability and recovery of illicit assets.

Corporate fraud cases like this underline the importance of transparent operational structures, reliable verification processes and strong internal compliance frameworks. Businesses aiming for sustainable growth—whether in India or abroad—depend on clear governance systems and trusted advisory support.

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